Neuroscience Market to Grow with Application of Machine Learning (ML)
With a healthy CAGR of 6.4%, the global neuroscience market is expected to grow from US$301.6 million in 2016 to US$520.8 million by the end of 2025.
PUNE, MAHARASHTRA, INDIA, March 8, 2022 /EINPresswire.com/ — The neuroscience market is set to grow vigorously over the next 10 years. The IoT has already made its way into the healthcare vertical. This, in turn, enabled the tracking of real-time locations of the device and medical devices such as scales, wheelchairs, defibrillators or nebulizers, as well as remote monitoring. The entire healthcare industry is expected to run on the IoT wave in the future.
This growth is mainly fueled by advances in neuroimaging and increased R&D in neuroinformatics. “Neuroscience Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)”, is the new publication from Persistence Market Research which focuses on mergers and acquisitions, strategic collaborations and technology, and technology transfer agreements, which play an essential role. role in the global neuroscience market.
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Carl Zeiss AG
Danaher Corporation (Leica Microsystems)
Koninklijke Philips NV
Hitachi Medical Corp.
Fine Opto Instruments Pvt. ltd.
Pridex Medicare Pvt. ltd.
North America and Europe are expected to dominate the global neuroscience market over the evaluated period of 8 years, between 2017 and 2025.
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Global Neuroscience Market: Relevance and Impact of Factors
1- Increase consumer awareness of neuroscience and facilitate access to technology
2-Growing acceptance of e-health and the integrated medical system
3-Increase strategic collaborations between key players
4-Rising incidence rate of lifestyle diseases and geriatric population worldwide
5-Reform the structure of health IT spending and advance digital technology
Global Neuroscience Market: Forecast by Component Type
On the basis of component type, the global neuroscience market is segmented into instruments, software, and services. Instrument segmentation is sub-segmented into MRI Imaging Systems and Neuromicroscopy, while segmented Services is further divided into Consulting Services, Installation Services and Maintenance Services.
The instruments segment led the global neuroscience market in terms of revenue in 2016 and is expected to continue to do so throughout the forecast period. The instruments segment is the most attractive segment, with an attractiveness index of 2.6 over the forecast period.
The instruments segment was valued at US$221.6 million in 2016 and is expected to be valued at US$408.1 million in 2025, growing at a CAGR of 7.2% during the forecast period. This segment is expected to account for high revenue contribution to the global neuroscience market compared to software and services segments during the forecast period.
The software segment is expected to be the second most lucrative segment in the global neuroscience market with an attractiveness index of 0.3 during the forecast period. This segment accounted for 15.4% value share in 2017, which is expected to drop to 12.9% revenue share in 2025.
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Global Neuroscience Market: Forecast by End User
On the basis of end user, the global neuroscience market is segmented into hospitals, diagnostic laboratories, research institutes and academic institutes.
The diagnostic laboratory segment is expected to be the second most lucrative segment in the global neuroscience market by 2025. However, in terms of CAGR and revenue share, the hospital segment is expected to lead the market throughout the period estimated. In 2025, the hospital segment is expected to grab 40.2% market share in 2025, growing at a robust CAGR of 7.3% over the estimated period.
The research institutes segment is expected to be the least attractive segment in the global neuroscience market with an attractiveness index of 0.7 during the forecast period.
Global Neuroscience Market: Forecast by Region
Based on region, the global neuroscience market is segmented into North America, Latin America, Europe, APAC, and MEA. North America led the global neuroscience market in terms of revenue in 2016 and is expected to continue to do so throughout the forecast period.
North America is expected to be the most attractive market with an attractiveness index of 2.3 during the forecast period. Europe is expected to be the second most lucrative market with an attractiveness index of 1.1 respectively during the forecast period.
The European neuroscience market accounted for a share of 23.9% in 2017 and is expected to reach a share of 23.1% by the end of 2025.
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